Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,734/mo
Lowest payment- Down payment
- $285,596
- Funds due
- $297,693
- Interest + MI left
- $104,551
- First ends
- Nov 2046
Assumption
Assumption + second
$3,424/mo
+$1,691/mo- Down payment
- $49,596
- Funds due
- $63,293
- Interest + MI left
- $477,214
- First ends
- Nov 2046
New loan
New conventional
$3,434/mo
+$1,700/mo- Down payment
- $49,596
- Funds due
- $59,868
- Interest + MI left
- $643,797
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,304 | $204,304 | $440,304 |
| Second mortgage | — | $236,000 | — |
| First P&I | $1,183.07 | $1,183.07 | $2,982.77 |
| Second P&I | — | $1,690.73 | — |
| Mortgage insurance | $187.79 | $187.79 | $88.06 |
| Taxes, insurance & HOA | $362.67 | $362.67 | $362.67 |
| Total housing payment | $1,733.52 | $3,424.26 | $3,433.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,596
Closing costs & prepaids$13,698
Usable credit−$0
Total buyer cash needed$63,293
Earnest money paid−$0
Remaining funds due$63,293
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,899.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$588.00
Prepaid interest, first (7 days)$135.18
Prepaid interest, second (7 days)$350.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing19 yr 11 moOf the original 30-year loan at 3.45%
Interest already paid$82,347Through Dec 2026
Assumption only · ends Nov 2046$104,551
Assumption + second · ends Nov 2046, second Jan 2057$477,214
New conventional · ends Jan 2057$643,797